This law was signed on January 19, 2026, and will come into effect 10 days after its official publication.
The document introduces new key terms into the legal system.
In particular, the law establishes the legal status of stablecoins, which are secured virtual assets designed to maintain a stable price relative to fiat currency or other underlying assets.
The procedure for their circulation, issuance, and backing will be established by the President of the Kyrgyz Republic.
Additionally, the law introduces a definition of tokens backed by real assets (RWA Token).
This pertains to virtual assets that are backed by property rights to real assets or represent a digital version of documented obligations.
The list of such assets and the rules for their regulation will also fall under the authority of the President.
A separate part of the law describes state mining and the creation of a state cryptocurrency reserve. State mining can be conducted both with the participation of the state and through specially established state enterprises, including the formation of a crypto reserve.
The cryptocurrency reserve is planned to be used to enhance financial stability and develop the digital economy.
According to the law, the issuance of only secured virtual assets is permitted on the territory of Kyrgyzstan. The norms concerning the issuance and initial placement of virtual assets, including stablecoins and RWA tokens, have also been expanded.
Additionally, a mechanism for special regulatory regimes (regulatory sandboxes) is introduced, allowing for the testing of new technologies and services in the field of virtual assets in a controlled environment. The procedure for their implementation will be determined by the President, and the licensing of participants will be carried out by the authorized body.
The law also redistributes powers among various government authorities:
- the policy and regulation of the virtual asset market will be formed by the president;
- oversight and control will be carried out by the Cabinet of Ministers.
Furthermore, the process for registering miners has been clarified: certificates for conducting mining will be issued for an unlimited period, provided that established requirements are met.
The Cabinet of Ministers has been instructed to bring subordinate legislation into compliance with the new law within two months.
